Biguanides Market Size & Share 2024 – 2032

Biguanides Market Size

Biguanides Market size was valued at USD 5.2 billion in 2023 and is projected to grow at a CAGR of 2.9% between 2024 and 2032. High market growth can be attributed to the rising number of diabetes cases globally.

For instance, according to National Institutes of Health, an estimated 537 million adults worldwide aged between 20 to 79 years (constituting 10.5% of the population within this age group) were affected by diabetes in 2021. By 2030, this figure is anticipated to rise to 643 million individuals globally, increasing to 783 million by 2045. Thus, as diabetes continues to be a significant health concern affecting a large portion of the global population, there is a growing demand for effective treatments, in turn driving the market growth. Additionally, high preference to biguanides as a first line of treatment and their high efficacy in managing diabetes will further contribute to high market progress.
 

Biguanides are a class of oral antidiabetics commonly used to treat type 2 diabetes. They work by reducing the amount of glucose produced by the liver and improving the body's sensitivity to insulin, thus helping to lower blood sugar levels. The most prescribed biguanide is metformin, which is often recommended as a first-line treatment for type 2 diabetes.
 

Biguanides Market Trends

• The increasing prevalence of diabetes globally, driven by factors such as sedentary lifestyles, poor dietary habits, and aging populations, continues to fuel the demand for biguanide. For instance, according to International Diabetes Federation 2021, in Europe 61 million individuals were affected with diabetes and 1.1 million deaths were reported due to it. Thus, such high number of diabetic patients and increased mortality drives the market expansion.
   
• Furthermore, over 90% of people with diabetes have type 2 diabetes. Biguanides, particularly metformin, remain a preferred first-line treatment for type 2 diabetes due to their efficacy, safety profile, and cost-effectiveness. This preference is likely to persist, contributing to sustained demand for biguanide medications.
   

Biguanides Market Analysis

Based on drug type, the market is segmented into branded and generic. The branded segment dominated the global market with 87.4% of business share in 2023.
 

• The growth of this segment can be attributed to factors such as established reputation, patent protection, physician preference, perceived quality, and patient brand loyalty.
   
• These factors instill trust making branded drugs preferred choice among healthcare providers and patients despite the availability of generic alternatives.

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Based on dosage form, the biguanides market is categorized into tablets and oral solutions. The tablets segment is expected to grow at CAGR of 3.2%.
 

• Tablets offer convenience and ease of administration, making them a preferred choice for patients with diabetes who require regular medication intake.
   
• Additionally, other factors such as cost-effectiveness, precise dosing control, and widespread acceptance among healthcare professionals and patients position tablets as the preferred dosage form for delivering biguanide medications.
   
• Confluence of these factors favor the high market growth of this segment.
   

Based on formulation, the biguanides market is classified into immediate-release and extended release. The extended-release segment held significant market position in 2023 and is expected to reach USD 3.6 billion in 2032.
 

• Extended-release formulations offer the advantage of prolonged drug delivery, allowing for less frequent dosing schedules compared to immediate-release formulations. This extended duration of action not only improves patient adherence to treatment regimens but also enhances convenience and reduces the risk of missed doses.
   
• Additionally, they provide smoother and more consistent drug delivery, offer enhanced tolerability and minimal side effects. Hence these formulations are widely adopted, thereby supplementing the marker growth.
   

Based on distribution channel, the biguanides market is divided into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies accounted for USD 2.8 billion in 2023.
 

• The dominance of the hospital pharmacies in the market is driven by factors such as availability of wide variety of drugs, adherence to clinical guidelines, inpatient use of biguanides, education and support services, and integration with healthcare teams.
   
• Further, hospitals serve as primary point of care for diabetes management, resulting in high patient volume. All these factors together contribute to high segment progress.

In 2023, North America dominated the biguanides market with a business share of 38.2%.
 

• North America, particularly the U.S., has one of the highest prevalence rates of diabetes globally. The significant burden of diabetes in the region drives the demand for biguanides, contributing to the dominance of the North America in the market.
   
• For instance, according to Center of Disease Control, about 38 million Americans have diabetes of which 90-95% of them have type 2 diabetes.
   
• Further, advanced healthcare infrastructure and technological advancements, coupled with rising focus on digital diabetes management boosts the regional market size.
   

Biguanides Market Share

The biguanides industry is characterized by a dynamic interplay among pharmaceutical companies striving to capture a significant share. Companies such as Merck & Co., Inc, Bristol-Myers Squibb Company, and Teva Pharmaceutical Industries Ltd. are notable players, with well-established product portfolios. These players are constantly involved in strategic alliances, collaborations, and market expansion initiatives to strengthen their foothold in the market.
 

Biguanides Market Companies

Some of the key players operating in the biguanides industry include:

• Boehringer Ingelheim International GmbH
• Bristol-Myers Squibb Company
• Cipla Ltd.
• GlaxoSmithKline plc
• Glenmark Pharmaceuticals Ltd.
• Merck & Co., Inc.
• Sanofi
• Takeda Pharmaceutical Company Limited.
• Teva Pharmaceuticals Industries Ltd.
• Zydus Group
   

Biguanides Industry News:

• In February 2023, Zydus Lifesciences Limited received tentative approval from the U.S. Food and Drug Administration for canagliflozin and metformin hydrochloride tablets. This approval helped the company broaden its product offerings.
   
• In August 2023, Dr. Reddy's Laboratories announced launch of Saxagliptin and Metformin hydrochloride extended-release tablets in U.S. The launch helped the company to strengthen its product portfolio and boost its revenue.
   

The biguanides market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 – 2032 for the following segments:

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Market, By Drug Type

• Branded
• Generic

Market, By Dosage Form

• Tablets
• Oral solutions

Market, By Formulation

• Immediate release
• Extended release

Market, By Distribution Channel

• Hospital pharmacies
• Retail pharmacies
• Online pharmacies

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • Rest of Middle East and Africa